BERLIN, Aug 2. (Xinhua) -- Turnover of Allianz increased by 6.1 percent to 33.2 billion euros (36.9 billion U.S. dollars) in the second quarter (Q2) of 2019 compared to the previous year, Germany's largest insurance company announced on Friday.
"Our half-year results testify that Allianz is on track to achieve its full-year targets," said Oliver Baete, chief executive officer (CEO) of Allianz.
Allianz announced that operational profit increased year-on-year by 5.4 percent to 3.2 billion euros between April and June.
Net profits attributable to the German insurer's shareholders grew even stronger by 13.1 percent to 2.1 billion euros during the same period.
This increase was attributed to a "negative impact" from the divestment of Allianz' life insurance portfolio in China's Taiwan that had burdened results in the second quarter of 2018, according to the German insurer.
Business in the life and health insurance division at Allianz had done particularly well in the United States as well as in Germany due to "higher sales" in these regions, the company stated.
The German insurer's life and health insurance segment accounted for the majority of turnover in the second quarter of 2019.
Operating profits in this segment saw the strongest increase in operating profits among all Allianz divisions of 14.5 percent to 1.2 billion euros compared to the same period last year.
"Our Life/Health segment continued holding up very well in the low-interest rate environment, as shown by our dynamic sales," noted Giulio Terzariol, chief financial officer (CFO) of Allianz.
While turnover in Allianz's property-casualty insurance division increased by 7.3 percent, operating profits declined by 5 percent to 1.4 billion euros in the second quarter.
This decline was "driven by a lower investment result," the German insurance company noted.
The combined ratio between claims expenditures as well as administrative expenses to insurance premiums of Allianz's property-casualty insurance segment increased slightly from 94.1 percent to 94.3 percent in Q2 of 2019, the German insurer announced. The lower the combined ratio, the more profitable an insurance company is operating.
With 6.1 billion euros of operational profits after the first six months of 2019, Allianz announced that it had achieved more than half of its full year outlook.
The German insurer confirmed its business outlook and is expecting operational profits to amount to between 11 and 12 billion euros in 2019. (1 euro=1.11 U.S. dollars)
